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Author Topic: Bulgarian banking system under attack  (Read 5004 times)
2GOOD
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June 27, 2014, 06:17:17 PM
 #1

The Bulgarian central bank warned the financial industry is under organized attack by anonymous e-mails, texts and rumors, threatening the Balkan nation’s security...



More info here:
http://www.bbc.com/news/business-28052535
http://www.bloomberg.com/news/2014-06-27/bulgarian-lenders-under-attack-central-bank-chief-warns.html
http://in.reuters.com/article/2014/06/27/bulgaria-banks-idINL6N0P81SG20140627

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June 27, 2014, 08:16:52 PM
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When this problem becomes part of the past, maybe we will see a Bitcoin exchange that handles the LEV or BGN.
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June 27, 2014, 08:30:21 PM
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hurry, the first 100 people get their money...  Shocked   ... and maybe they will print as much as everyone wants but its worthless paper in the end.

man....its sad but this will happen all over the world in the next years and not many people know this.  Undecided


ShakyhandsBTCer
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June 27, 2014, 09:35:10 PM
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hurry, the first 100 people get their money...  Shocked   ... and maybe they will print as much as everyone wants but its worthless paper in the end.

man....its sad but this will happen all over the world in the next years and not many people know this.  Undecided


it wont be that their paper money is worthless, it would be that their money in the bank would be worthless.

Who knows, maybe we will see a lot of people from Bulgaria pour money into bitcoin
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June 27, 2014, 10:56:11 PM
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These bank runs tend to spread across borders. There is a lot of weird unsettled stuff going on in the banking world right now.

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June 28, 2014, 01:01:21 AM
 #6

At least bank's transaction can be reverted. So its almost risk free.
Bogleg
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June 28, 2014, 03:54:37 AM
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Blaming incompetency on rumor and attack surely sound nice.


Where there is smoke, there is fire.
Ron~Popeil
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June 28, 2014, 05:32:39 AM
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At least bank's transaction can be reverted. So its almost risk free.

Not if that bank is insolvent or freezes withdrawals. Having a bank account is worthless if you can't access your funds.

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June 28, 2014, 06:28:21 AM
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At least bank's transaction can be reverted. So its almost risk free.

Not if that bank is insolvent or freezes withdrawals. Having a bank account is worthless if you can't access your funds.

If the bank become insolvent, depositors will probably get a haircut.

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June 28, 2014, 09:04:25 AM
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maybe its a false flag banking event to institute a haircut on depositors funds like cyprus

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June 28, 2014, 09:06:32 AM
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Maybe real steps of anonymous against banks supporting cryptocurrencies (http://banksworstfear.com/) ?

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ShakyhandsBTCer
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June 28, 2014, 05:17:20 PM
 #12

At least bank's transaction can be reverted. So its almost risk free.

Not if that bank is insolvent or freezes withdrawals. Having a bank account is worthless if you can't access your funds.

It would be unlikely that your account would be completely worthless in the long run as you would eventually be given something. Although this something is likely to be much less then what your account should be worth based on how much you have deposited
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June 28, 2014, 08:14:19 PM
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At least bank's transaction can be reverted. So its almost risk free.

Not if that bank is insolvent or freezes withdrawals. Having a bank account is worthless if you can't access your funds.

It would be unlikely that your account would be completely worthless in the long run as you would eventually be given something. Although this something is likely to be much less then what your account should be worth based on how much you have deposited

In the long run is also a problem. Most people don't keep a decent stash of currency in the house. In the 2008 meltdown it was the people that caused the problem that got taken care of while the people that were truly hurt got nothing.

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June 28, 2014, 08:18:20 PM
 #14

The bank system it´s a fonzi scheme, for making slaves. I dream with the day when all the corrupt bank institutions dead.
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June 28, 2014, 08:31:22 PM
 #15

Hmm, there's been a few posts supporting the central banks cries of conspiracy now, not as crass as the posts declaring the evil A-rabs are tearing freedom and democracy from I-raq and plunging them into barbaric Islam but pretty close.

Well, whatever, it doesn't matter if the banks have lost trust or if its an evil conspiracy, if the system the banks where using was sound then this wouldn't be possible.

The media helps them blame the bad guy du joir and the cycle continues. Add in government power grabs in the name of protecting the little guys without ever solving the underlying problem and you get a vulnerable system. None of this is an accident.

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June 28, 2014, 09:52:57 PM
 #16

The bank system it´s a fonzi scheme, for making slaves. I dream with the day when all the corrupt bank institutions dead.

yeah but much of that slavework goes to the governments so they will fight for it  Sad

Truth is the new hatespeech.
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June 28, 2014, 10:12:40 PM
 #17

I deposit $1000 into the Bank

Bank Clerk types "+$10,000" on the keyboard and then the clerk lends out $9000 in mortgages and loans to other customers, which then goes towards other recipients who then spend this made up money on consumer goods, services and luxuries.  Withdrawal limits and other measures are brought in to prevent customers from withdrawing more money than the bank actually has.   Meanwhile, since there is all this extra money in society, people realize it's becoming worthless and therefore prices go up (inflation).

The only people who benefit from this are those who have the license to print money, the bankers.  Bankers are the same ones, for years, who have requested we move away from a cash society because it would make their evil work easier.   After all if there's no paper money then the bankers have complete control over everything.   


Fractional reserve banking has to go.  Why do we need bankers?  How can they necessarily be any better at banking than the average university math graduate?  If you're telling me you need to be born into a generational banking family to do risk assessments ("should I loan $300K to a guy who hasn't worked in 15 years?") then you must be "bright".



There ain't no Revolution like a NEMolution.  The only solution is Bitcoin's dissolution! NEM!
DannyElfman
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June 28, 2014, 10:27:51 PM
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I deposit $1000 into the Bank

Bank Clerk types "+$10,000" on the keyboard and then the clerk lends out $9000 in mortgages and loans to other customers, which then goes towards other recipients who then spend this made up money on consumer goods, services and luxuries.  Withdrawal limits and other measures are brought in to prevent customers from withdrawing more money than the bank actually has.   Meanwhile, since there is all this extra money in society, people realize it's becoming worthless and therefore prices go up (inflation).

The only people who benefit from this are those who have the license to print money, the bankers.  Bankers are the same ones, for years, who have requested we move away from a cash society because it would make their evil work easier.   After all if there's no paper money then the bankers have complete control over everything.   


Fractional reserve banking has to go.  Why do we need bankers?  How can they necessarily be any better at banking than the average university math graduate?  If you're telling me you need to be born into a generational banking family to do risk assessments ("should I loan $300K to a guy who hasn't worked in 15 years?") then you must be "bright".
If you were to "turn off" fractional reserve banking then how would anyone be able to borrow money? For the most part they could not as there would not be any to lend by banks. You would still have sites like prosper and BTCJam, but these sites charge much higher interest rates then what you would expect for loans that are secured by something other then your signature. These sites also rely partly on the banking system in that they base your risk level off of your prior payment history of debts that was possible by a fractional reserve system.

Deflation is usually the result of major banking collapses as people no longer have access to money that they once had so they are forced to spend less not more money.

This spot for rent.
TaunSew
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June 28, 2014, 10:38:49 PM
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I deposit $1000 into the Bank

Bank Clerk types "+$10,000" on the keyboard and then the clerk lends out $9000 in mortgages and loans to other customers, which then goes towards other recipients who then spend this made up money on consumer goods, services and luxuries.  Withdrawal limits and other measures are brought in to prevent customers from withdrawing more money than the bank actually has.   Meanwhile, since there is all this extra money in society, people realize it's becoming worthless and therefore prices go up (inflation).

The only people who benefit from this are those who have the license to print money, the bankers.  Bankers are the same ones, for years, who have requested we move away from a cash society because it would make their evil work easier.   After all if there's no paper money then the bankers have complete control over everything.   


Fractional reserve banking has to go.  Why do we need bankers?  How can they necessarily be any better at banking than the average university math graduate?  If you're telling me you need to be born into a generational banking family to do risk assessments ("should I loan $300K to a guy who hasn't worked in 15 years?") then you must be "bright".
If you were to "turn off" fractional reserve banking then how would anyone be able to borrow money?

Yes because there was no bank loans before 1913 *sarcasm*

You upfront the collateral, plain and simple.  The reality is, if we didn't have easy credit in society, everything would be far cheaper (look at the cost of an university education 50 years ago versus today, where capital is very plentiful).

There ain't no Revolution like a NEMolution.  The only solution is Bitcoin's dissolution! NEM!
ShakyhandsBTCer
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June 29, 2014, 07:54:56 PM
 #20

At least bank's transaction can be reverted. So its almost risk free.

Not if that bank is insolvent or freezes withdrawals. Having a bank account is worthless if you can't access your funds.

It would be unlikely that your account would be completely worthless in the long run as you would eventually be given something. Although this something is likely to be much less then what your account should be worth based on how much you have deposited

In the long run is also a problem. Most people don't keep a decent stash of currency in the house. In the 2008 meltdown it was the people that caused the problem that got taken care of while the people that were truly hurt got nothing.
This is true however people can survive for some time without money. Most families keep some level of food in their house, don't need to fill up their gas tank every day, have a grace period on their rent/mortgage. If they were to change the way they got paid by their employer so they would be paid in cash then a family could somewhat get by until they are paid (now in cash) again
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